CHENNAI: Ashok Leyland, flagship of the Hinduja Group, on Thursday reported that its net profit for the first quarter of FY 17 has shot up 101 percent to touch Rs 290.78 crore, up from Rs 144.5 crore in corresponding quarter last year.

The revenue for the quarter ending June 20, 2016 too grew by 10 percent to reach Rs 4258.8 crore. The revenue in the Q1 of FY 16 stood at Rs 3883.13 crore.

“We recorded a domestic volume growth of 18.5% as against the industry growth of 14.5%. I am happy to note that we continue to outperform the industry," said Vinod K. Dasari, Managing Director, Ashok Leyland Limited. "Our initiatives on network development, operational efficiency, talent development, and new products continue. Key export markets were down in Q 1 but are expected to bounce back in Q2 and beyond.”

The current quarter includes gain on currency and interest rate swap of Rs 49.67 crore vis-à-vis a loss of Rs 18.05 crore in the previous year as per the reporting standard requirements under Indian Accounting Standards.